Live Market Updates: Bitcoin Defies Equity Weakness, Holds $61K as Momentum Stocks Drop
Dan Loeb a Bitcoiner?
“HODL,” read a one-word tweet from billionaire hedge fund manager Dan Loeb minutes ago.
Loeb, founder of Third Point, has had some exposure to the crypto sector. Earlier this year, the firm disclosed a stake in Hut 8, though the investment was primarily tied to the company’s data center operations rather than a direct bet on bitcoin mining.
The fund also previously took a $60 million loss after investing in FTX prior to the exchange’s collapse.
Bitcoin Miners Pivot to AI Face Heavy Selling
As the third quarter begins, markets are unwinding what had been a powerful rally in companies tied to the AI boom.
Losses extend beyond traditional semiconductor names like SanDisk, Micron, and Applied Materials — all down sharply over the past two sessions — to include bitcoin miners that transitioned into AI infrastructure providers.
Keel Infrastructure (KEEL) and Cipher Mining (CIFR) led declines, each dropping about 14% Thursday. Core Scientific (CORZ), IREN (IREN), TeraWulf (WULF), Hut 8 (HUT), and Riot Platforms (RIOT) also fell करीब 10%.
The Nasdaq slipped to session lows, down 1.5%, while bitcoin rose roughly 3% over 24 hours to $61,600.
Goldman’s High-Beta Momentum Basket Plunges
Goldman Sachs’ high-beta momentum stock basket — dominated by chip and memory names such as Micron, SanDisk, Intel, and Lam Research — extended its sell-off Thursday.
The group has now dropped more than 23% over two days, marking its steepest decline since the COVID-era market turmoil in 2020.
Some crypto advocates argue that such a reversal in momentum trades could redirect capital flows back into digital assets.
Bitcoin held steady near $61,600, up about 3% over the past day.
Uniswap Jumps on Robinhood Blockchain Integration
Crypto markets showed strength, with Uniswap (UNI) surging 15% in 24 hours.
Much of the rally followed Uniswap’s launch on Robinhood’s blockchain as its primary automated market maker.
According to Standard Chartered’s Geoffrey Kendrick, partnerships between DeFi protocols and traditional financial platforms could drive the next phase of growth. He emphasized that markets may be underestimating the impact of such collaborations, particularly for established protocols like Uniswap.
Meta’s ‘Compute’ Push Weighs on AI Infrastructure Trade
Selling pressure intensified among former bitcoin miners turned AI compute providers after reports that Meta is launching a new “Meta Compute” unit.
The initiative aims to monetize excess GPU capacity by offering it to third parties and potentially hosting AI models in-house.
This development challenges the assumption of scarce AI compute supply and raises concerns about increased competition.
Shares of Cipher Digital, IREN, and TeraWulf each dropped around 10%, now down as much as 40% from their peaks.
Tech Reversal Drags Nasdaq Lower
The Nasdaq reversed early gains of nearly 1% to trade down 0.6% by late morning.
AI-linked stocks such as Micron, AMD, SanDisk, and Intel fell between 4% and 10%.
Meanwhile, select mega-cap names saw buying interest: Apple rose 4%, while Microsoft and Amazon gained حوالي 1.5%. Tesla, however, dropped 7% despite strong June delivery figures.
Bitcoin pared gains slightly to $61,500 but remained up 2.7% over 24 hours.
Dovish Rate Outlook Gains Traction
Market participants are increasingly leaning toward a dovish Fed outlook following softer labor data.
Leeker Capital CIO Quinn Thompson argued that rate hikes are unlikely, pointing to early signs of cooling in the labor market and easing inflation pressures.
Similarly, strategist Rosanna Prestia said rate cuts are now the base case.
Bitcoin Reclaims $62,000
Bitcoin climbed above $62,000 for the first time in roughly 10 days, rising nearly 5% over 24 hours, though still down حوالي 13% month-over-month.
Securitize Debuts on NYSE
Tokenization firm Securitize began trading publicly after merging with a Cantor-backed SPAC.
The stock gained 8% shortly after listing, with the debut seen as a test of investor appetite for tokenization-focused firms.
Crypto Stocks Rally With Bitcoin
As bitcoin approached $62,000 at the U.S. market open, crypto-related equities moved higher.
Strategy’s MSTR jumped over 8% to $101, rebounding from recent lows, while its preferred shares (STRC) rose 3%.
Soft Jobs Data Boosts Bitcoin Outlook
A weaker-than-expected U.S. jobs report strengthened the bullish case for bitcoin, as easing labor conditions reduce pressure on the Federal Reserve to tighten policy.
Analysts at 21Shares noted that improving technicals, favorable seasonality, and stronger on-chain data could push bitcoin toward $100,000 by year-end if trends persist.
U.S. Jobs Miss Expectations
The U.S. added just over 50,000 jobs in June, well below forecasts of 110,000. May’s figure was also revised lower.
The unemployment rate dipped to 4.2%, though largely due to a decline in labor force participation.
Bitcoin held near $61,300 following the release, while stock futures rose and bond yields declined.
Crypto Outperforms Ahead of Data
Ahead of the jobs report, crypto markets outperformed traditional assets.
Bitcoin rose 4.5% to $61,100, while ether also advanced. Solana led major tokens with a 10% gain following the rollout of a formal on-chain governance system.
Chip Sell-Off Deepens in Asia
South Korea’s Kospi dropped 7.9% as Samsung and SK Hynix lost a combined $290 billion in value amid renewed concerns over AI chip demand.
Bitcoin, meanwhile, held above $61,000, supported by softer inflation commentary from Fed Chair Kevin Warsh.
Binance Sees $2B in Weekly Outflows
Binance recorded more than $2 billion in net outflows over the past week, with retail participation showing signs of weakening.
Smaller BTC inflows have dropped to historic lows, according to CryptoQuant data.
Bitcoin and Yen Strengthen Together
Bitcoin traded above $60,000 during European hours as expectations of a July rate hike faded.
At the same time, the Japanese yen strengthened sharply against the dollar, with the two assets showing increasing correlation in recent trading.
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